Archive for January 14th, 2010

Protesting the Islamic EID Stamp!–Pass This On By E-Mail!

Posted on January 14, 2010. Filed under: Blogroll, Communications, Culture, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Psychology, Rants, Regulations, Security, Video, Wisdom | Tags: , , , |

 

Protesting the Islamic EID Stamp

 

If there is only ONE thing you forward today… let it be this!

President Obama has directed the United States Postal Service to REMEMBER and HONOR the EID MUSLIM holiday season with a new commemorative 44-Cent First Class Holiday Postage Stamp.

REMEMBER to adamantly & vocally BOYCOTT this stamp, when you are purchasing your stamps at the post office.

All you have to say is ” No thank you, I do not want that Muslim Stamp on my letters! ”

To use this stamp would be a slap in the face to all those AMERICANS who died at the hands of those whom this stamp honors.
REMEMBER the MUSLIM bombing of Pan Am Flight 103!

REMEMBER the MUSLIM bombing of the World Trade Center in 1993!

REMEMBER the MUSLIM bombing of the Marine Barracks in Lebanon !

REMEMBER the MUSLIM bombing of the M ilitary Barracks in Saudi Arabia !

REMEMBER the MUSLIM bombing of the American Embassies in Africa !

REMEMBER the MUSLIM bombing of the USS COLE!

REMEMBER the MUSLIM attack on 9/11/2001 !

REMEMBER all the AMERICAN lives that were lost in those vicious MUSLIM attacks!

Pass this along to every Patriotic American that you know and get the word out! Honor the United States of America !

Background Articles and Videos

Eid: Muslim Holiday

 

Eid Mubarak!

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Black Conservatives Celebrate Martin Luther King Day With Glenn Beck

Posted on January 14, 2010. Filed under: Babies, Blogroll, Climate, Communications, Computers, Culture, Demographics, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Homes, Immigration, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Religion, Resources, Reviews, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , |

 

 “Courage is an inner resolution to go forward despite obstacles;
Cowardice is submissive surrender to circumstances.
Courage breeds creativity; Cowardice represses fear and is mastered by it.
Cowardice asks the question, is it safe?
Expediency ask the question, is it politic?
Vanity asks the question, is it popular?

But conscience ask the question, is it right? And there comes a time when we must take a position that is neither safe, nor politic, nor popular, but one must take it because it is right.”

~Martin Luther King , Jr.

 

Glenn Beck- Another Hour With Black Conservatives (Part 1)

 

Glenn Beck- Another Hour With Black Conservatives (Part 2)

 

Glenn Beck- Another Hour With Black Conservatives (Part 3)

Glenn Beck- Another Hour With Black Conservatives (Part 4)

 

Glenn Beck Show – January 14, 2010 – Pt 5 of 7

Glenn Beck Show – January 14, 2010 – Pt 6 of 7

Glenn Beck Show – January 14, 2010 – Pt 7 of 7

“And I’ve looked over, and I’ve seen the promised land. I may not get there with y

ou, but I want you to know tonight that we as a people will get to the promised land. So I’m happy tonight. I’m not worried about anything. I’m not fearing any man. “

~Martin Luther King, Jr., Speech in Memphis, April 3, 1968, the day before King was assassinated.

 

 

Background Articles and Videos

 

Martin Luther King “I have a dream”

1968 – Martin Luther King’s Prophetic Last speech – Remember 1968

 

Thomas Sowell – Obama’s Vision

 

Thomas Sowell — Basic Economics

 

A Prophet Warns America

Thomas Sowell talks about his new book Economic Facts and Fallacies

 Thomas Sowell – The Vision of the Anointed

Thomas Sowell and a Conflict of Visions

Thomas Sowell on the Housing Boom and Bust

Friedman and Sowell on Equality

 

 

Thomas Sowell – Welfare

 

THOMAS SOWELL – rotten PUBLIC SCHOOLS

 

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Peter Thiel–Videos

Posted on January 14, 2010. Filed under: Blogroll, Communications, Economics, Employment, Fiscal Policy, Investments, Law, liberty, Life, media, Monetary Policy, People, Philosophy, Politics, Psychology, Raves, Regulations, Science, Security, Technology, Video, Wisdom | Tags: , , |

Peter Thiel – Optimistic Thought Experiment – Pt. 1

 

Peter Thiel – Optimistic Thought Experiment – Pt. 2

Peter Thiel – Optimistic Thought Experiment – Pt. 3

 

The U.S. Economy with Peter Thiel

Peter Thiel’s four theories on the bubble and bust economy

Peter Thiel

Vator Reports: Lessons from Entrepreneurial Legends on Vator 

http://www.youtube.com/watch?v=4SRfBaKAiUM

Singularity Summit 2007 – Peter Thiel


 

Peter Thiel 

“…Peter Andreas Thiel (born 1967) is an American entrepreneur, hedge fund manager, libertarian and venture capitalist. With Max Levchin, Thiel co-founded PayPal and was its CEO. He currently serves as president of Clarium Capital, a global macro hedge fund with more than $2 billion under management, and a managing partner in The Founders Fund, a $275 million venture capital fund he launched with Ken Howery and Luke Nosek in 2005. He was an early investor in Facebook, the popular social-networking site, and sits on the company’s board of directors.

Thiel was ranked #377 on the Forbes 400, with a net worth of $1.3 billion.[1]

Born in Frankfurt am Main, Germany, and raised in Foster City, California, Thiel was a US-rated Chess Master and one of the highest ranked under-21 players in the country.[2] He studied 20th century philosophy as an undergraduate at Stanford University. An avowed libertarian, he founded The Stanford Review, now the university’s main conservative/libertarian newspaper.

After earning his J.D. from Stanford in 1992, Thiel clerked for Judge J.L. Edmondson of the 11th Circuit Court of Appeals, practiced law and later traded derivatives. He eventually founded Thiel Capital Management, a multistrategy fund, in 1996. After co-founding PayPal, Thiel took the company public on Feb. 15, 2002, and sold it to eBay for USD 1.5 billion later that year.[3] His 3.7 percent stake in PayPal was worth approximately $55 million at the time of the acquisition.[4] Immediately after the sale, Thiel launched a global macro hedge fund, Clarium, pursuing a global macro strategy. In 2005, Clarium was honored as global macro fund of the year by both MarHedge and Absolute Return, two trade magazines. Thiel’s approach to investing became the subject of a chapter in Steve Drobny’s book, Inside the House of Money. Thiel successfully bet that the US dollar would weaken in 2003, and gained significant returns betting that the dollar and energy would rally in 2005.

In addition to Facebook, Thiel has made early-stage investments in numerous startups (personally or through his venture capital fund), including Slide, LinkedIn, Friendster, Rapleaf, Geni.com, Yammer, Yelp, Inc., Powerset, Vator, Palantir Technologies, Joyent and IronPort. Slide, LinkedIn, Yelp, Geni.com, and Yammer were each founded by colleagues of Thiel’s from PayPal: Slide by Max Levchin, Linkedin by Reid Hoffman, Yelp by Jeremy Stoppelman, Geni.com and Yammer by David Sacks. Fortune magazine reports that PayPal alumni have founded or invested in dozens of startups with an aggregate value of around $30 billion. In Silicon Valley circles, Thiel is colloquially referred to as the “Don of the PayPal Mafia”, as noted in the Fortune magazine article. [5] Thiel’s views on management are highly regarded, especially his famous observation that start-up success is highly correlated with low CEO pay.

Thiel is an occasional commentator on CNBC, having appeared numerous times on both Closing Bell with Maria Bartiromo, and Squawk Box with Becky Quick [6]. He’s twice been interviewed by Charlie Rose on PBS [7]. In 2006, he won the Herman Lay Award for Entrepreneurship.[8] In 2007, he was honored as a Young Global leader by the World Economic Forum as one of the 250 most distinguished leaders age 40 and under.[citation needed] [9] He was also reported to be an attendee of the elite and highly secretive Bilderberg Group conference in both 2007 and 2008.[10]. On November 7, 2009, Thiel was awarded an honorary degree from Universidad Francisco Marroquin.

Thiel’s cultural pursuits have recently included executive producing “Thank You for Smoking,” a feature film based on the Christopher Buckley novel of the same name. He is the co-author (with David O. Sacks, who produced TYFS) of the book The Diversity Myth: ‘Multiculturalism’ and the Politics of Intolerance at Stanford, and has contributed articles to The Wall Street Journal, First Things, Forbes, and Policy Review, the journal of The Hoover Institution (on whose board he sits).

 Facebook

In late 2004, Thiel made a $500,000 angel investment in Facebook.

Philanthropy

In February 2006 Thiel provided $100,000 of matching funds to back the Singularity Challenge donation drive of the Singularity Institute for Artificial Intelligence. Additionally he joined the Institute’s advisory board and participated in the May 2006 Singularity Summit at Stanford.

In September 2006 Thiel announced that he would donate $3.5 million to foster anti-aging research through the Methuselah Mouse Prize foundation.[11] He gave the following reasons for his pledge: “Rapid advances in biological science foretell of a treasure trove of discoveries this century, including dramatically improved health and longevity for all. I’m backing Dr. de Grey, because I believe that his revolutionary approach to aging research will accelerate this process, allowing many people alive today to enjoy radically longer and healthier lives for themselves and their loved ones.”

In May 2007 Thiel provided half of the $400,000 matching funds for the annual Singularity Challenge donation drive.

On April 15, 2008, Thiel pledged $500,000 to the new Seasteading Institute, directed by Patri Friedman, whose mission is “to establish permanent, autonomous ocean communities to enable experimentation and innovation with diverse social, political, and legal systems”.[12]

Thiel is a supporter of the Committee to Protect Journalists, which promotes the right of journalists to report the news freely without fear of reprisal.[13]

 …”

http://en.wikipedia.org/wiki/Peter_Thiel

The 400 Richest Americans

#377 Peter Thiel

“…Chess prodigy was ranked 7th in the U.S. under-13 bracket by age 12. Stanford law grad spent time at Credit Suisse before founding Thiel Capital 1996. Renamed Clarium Capital 2002; annual returns average 30% net of fees. Assets: $5.5 billion. Cofounded PayPal in 1998, sold to Ebay in 2002 for $1.5 billion. Personally netted $60 million. Plowed proceeds into venture capital outfit Founders Fund in 2005. Enjoys running, hiking, surfing. …”

http://www.forbes.com/lists/2008/54/400list08_Peter-Thiel_J5T8.html

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Obama’s Chicago Mob Uses Hate Speech and The Class Warfare Envy Card–Right Out of The Saul Alinsky Rules for Radicals Playbook–To Scapegoat and Demonize Bankers!–Do Not Fall For These Distractions Of The Progressive Radical Socialists For Government Intervention Failures!

Posted on January 14, 2010. Filed under: Blogroll, Communications, Economics, Education, Employment, Fiscal Policy, government spending, history, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Resources, Taxes, Video, Wisdom | Tags: , , , , |

 

Judge Napolitano~Obama Bank Tax Unconstitutional

Obama to banks We want our money back

President Obama: You Said You Wouldn’t Vilify Bankers, But What The Heck Is This?

Obama pays ACORN & Banks for backing him with tax $$. Billions in payoffs for election donations.

 

Bankers ripped a new one

Calls to Tax Banks to Recoup Taxpayer Losses

The Conversation: Obama’s Bank Tax

http://www.youtube.com/watch?v=hEFXRgguhZ8

 

Bankers On Hot Seat As Financial Crisis Inquiry Opens

Imposing big taxes on Wall Street bankers bonuses

 MILTON FRIEDMAN what saul alinsky never told obama

Sean Hannity with Jim Geraghty on Saul Alinsky and his possible influence on President Obama

 

Obama Is Just Like Saul Alinsky

The vast majority of the American people did not want any bailouts of commercial and investment banks, businesses, or state and local governments  by the Federal Government.

The progressive radical socialists of both the Democratic and Republican parties ignored the American people and bailed out those  financial institutions that were called “too big too fail”.

The American people were right.

These financial institutions and businesses should be allowed and required to fail so that all businesses and governments understand the price for failure is unemployment and not financial rewards in the form bailouts.

The price to be paid for failure in business is bankruptcy and not bailouts by the American taxpayers through the Federal Government.

It is not the function of the Federal government to bailout any business or any other government entity such as a state of city.

Many well run and profitable banks were forced to take TARP funds that they did not need nor want.

Most of these financial institutions have already paid back these TARP funds they were forced to take by Federal Government coercion.

Stop the Federal government from again interferrring with free market capitalism.

Taxing banks only taxes the American people who own the banks or the bank’s own customers.

In other words Obama is increasing taxes on the American people by scapegoating banks and bankers as being greedy and successful.

The President simply does  not like success when it comes to business.

The President’s ignorance of job creation and wealth creation know no bounds.

Do not fall for this progressive radical socialist President’s attempt to demonize bankers for being successful and earning profits.

This is exactly how a business enterprise should be run.

Being a successful business is an achievement and not a crime punished by higher taxes.

President Obama economic policies are the failures.

The economy is not recovering because both business owners and consumers have lost confidence in President Obama’s proposed new taxes on health care plans, energy, and now banks in the middle of Obama Depression.

Obama is following the Cloward Piven strategy of trying to make more and more Americans dependent upon the Federal Government in order to command and control their economic behavior and get their votes.

This is progressive radical socialism pure and simple.

Face the facts, Obama is intentionally wrecking the US economy, destroying jobs and killing the American dream.

Green jobs is a joke–a very expensive one for US tax payers who pay for the subsidies that Obama gives his political supportors such as General Electric and Goldman Sachs.

Manufacturing plants are not run by wind mills and solar panels.

Who are you kidding Mr. President?

Certainly not the American people.

The American people no longer believe nor trust President Obama.

President Obama is fast becoming a laughing stock–an educated fool as President of the United States.

No amount of finger pointing and scapegoating will distract the American people from the conclusion that the Federal Government and Federal Reserve System is largely responsible for creating the real estate bubble that lead to this economic crisis.

When is Barack Obama going to shut down Fannie Mae and Freddie Mac?

Thomas Sowell on the Housing Boom and Bust

Deconstructing the Subprime Crisis

Peter Thiel’s four theories on the bubble and bust economy

Joseph Gyourko on Fannie, Freddie, and the Housing Bust

FOLLOW THE MONEY :: Obama’s Marxism SHELL GAME Scam To FINANCIALLY COLLAPSE America !!

The so-called government sponsored enterprises (GSAs)  of Fannie Mae and Freddie Mac continue to lose money and should be shut-down and its assets sold to a private investment firm.

The Federal government should not be involved in running this business and subsidizing its continued losses.

Free market capitalism works.

Government intervention into the market never works and leads to more and more government intervention to correct government failures to produce the results intended.

Time to throw all the progressive radical socialists of both the Democratic and Republican parties out of Congress, out of the Senate and out of the White House.

Background Articles and Videos

 

 Thomas Sowell – The Vision of the Anointed

Thomas Sowell and a Conflict of Visions

The U.S. Economy with Peter Thiel

Mark Levin – Oct 14th – Alinsky’s Rules for Radicals Part 1 of 2

Mark Levin – Oct 14th – Alinsky’s Rules for Radicals Part 2 of 2

Saul Alinsky and Barack Hussein Obama –

Glenn Beck,The One Thing – Rules For Radicals – They’re Un-American

 

President Obama Speaks to the Bankers

Barack Obama and Alinsky’s Rules for Psychopaths

By James Lewis

“…A psychopath is a person without conscience; someone who constantly breaks the moral rules of the community. Saul Alinsky was a “community organizer” who found a career that fit that personality disorder. In the Orwellian upside-down world of the Left, community organizers disorganize communities. That is the meaning of revolution, to overturn whatever exists today in the raw pursuit of one’s own power.

Alinsky boasted about his close alliance with Frank Nitti, Al Capone’s second in command in the Chicago Mob during the 1930s. Al Capone’s Mob were domestic terrorists, and not for any noble cause either.  They poisoned the Chicago politics of their era. Alinsky’s close alliance with Frank Nitti tells us something crucially important today. Alinsky was also a lifelong ally of the Stalin-controlled Communist Party, at a time when Stalin was known to have murdered tens of millions of people.  He was proud of building a bridge between organized crime and the power hungry Left. That tacit alliance may continue today.

 

Alinsky’s personality fits the definition of a psychopath — someone who has no guilt or shame toward others. But Alinsky also discovered how to teach psychopathic behavior to college students. That is the key to his success: To persuade hundreds of thousands of ignorant young people that it is much more moral to be immoral. Or, as Bill Ayers famously said, “Bring the Revolution home; kill your parents.”

 

Bill Ayers is now a highly influential professor of education. That is not an accident; it reflects a deliberate program of radical agitation and propaganda through the school systems. If you want to know who brought down American education, Bill Ayers is part of the answer.

 

A lot of the Boomer Left is marked by psychopathic behavior, in politics and in the rest of life.  That is why the actions of the Left are so shocking to many of us. 

 

Alinsky’s disciples — including Hillary Clinton and Barack Obama — have a warlike political style. They learned politics as war from the Master. Obama is so well-trained in Alinsky tactics that he used to teach workshops on it. That is why Obama can knowingly violate Federal law against usurping the presidential power to negotiate with Iraq before ever getting elected. Actual election to head of state by the voters means nothing, just as it means nothing to Nancy Pelosi and Steny Hoyer, who have negotiated with Syria and the Muslim Brotherhood in clear violation of law while serving in Congress. 

 

Teaching hatred for the normal majority is the key to power for radicals. But Alinsky taught that you can’t easily hate millions of people. To do that effectively you need a one-person scapegoat to focus all your hatred on. “Pick the target, freeze it, personalize it, and polarize it.” That is the politics of personal destruction, and it doesn’t matter if the target is black like Clarence Thomas, or a woman like Sarah Palin, or a severely wounded war veteran like John McCain.  …”

 

Obama, Alinsky, and Scapegoats
By James Lewis

“…’Pick the Target, Freeze It, Personalize It and Polarize It.’
– Saul Alinsky, Rules for Radicals.

That’s what Barack Obama taught his ACORN followers in all his Community Agitator classes in Chicago. That slogan defines mob scapegoating, of course. It is an exact prescription for whipping up mobs — by race, by gender, by ethnicity, by religion. If you want to know how to whip a mob of Pakistani Taliban fascisti to whip a young girl for flirting with a young man in public, this is exactly what you do: Pick the Target, Freeze It, Personality It, and Polarize It.

And notice that “the target” is no longer a human being. It’s an “It.” Try substituting the word “victim” for “target,” and you see how it works.

This is exactly what the Dixiecrats did to blacks in the Jim Crow South, and what President Obama does today with capitalists who run General Motors and Wall Street.

So the purported comedienne Janeane Garofolo interprets the anti-tax tea parties as obviously racist. You see, Ms. Garofolo can read minds, in spite of all the obvious decency of the tea party protesters. And Obama’s Department of Homeland Security has now pinpointed our chief terrorist danger: It’s “right-wing extremists,” including Iraq War vets coming back home.

In psychiatry, scapegoating is called “displacement of rage,” and it is often said to be a low-level defense, one that comes easily to people who are already emotionally troubled or impaired. With mature adults scapegoating doesn’t work very well — not unless you can make them into insecure wrecks by destroying their incomes, for example. That’s what happened to the German middle class in the Weimar Republic. It’s what will happen in this country if the economy fails to recover. That is why it is so vital to keep the administration from its most extreme spending plans, which could harm the economy if the Democrats in Congress are foolish enough.

Scapegoating is very simple, and very malevolent. It is the defining feature of human destructiveness. All the truly irrational actions in human history involve displaced rage. Pathological societies in the world are always torn by a search for new scapegoats.

Scapegoating is a really effective manipulation for mobs that have long ago decided that their real enemy is… anybody. Because that overwhelming feeling of rising rage matters much more than whoever is the victim of the moment. That overwhelming tension is intolerable and seeks an outlet. …”

Rules for Radicals
Rule 1: Power is not only what you have, but what an opponent thinks you have. If your organization is small, hide your numbers in the dark and raise a din that will make everyone think you have many more people than you do.

Rule 2: Never go outside the experience of your people.
The result is confusion, fear, and retreat.

Rule 3: Whenever possible, go outside the experience of an opponent. Here you want to cause confusion, fear, and retreat.

Rule 4: Make opponents live up to their own book of rules. “You can kill them with this, for they can no more obey their own rules than the Christian church can live up to Christianity.”

Rule 5: Ridicule is man’s most potent weapon. It’s hard to counterattack ridicule, and it infuriates the opposition, which then reacts to your advantage.

Rule 6: A good tactic is one your people enjoy. “If your people aren’t having a ball doing it, there is something very wrong with the tactic.”

Rule 7: A tactic that drags on for too long becomes a drag. Commitment may become ritualistic as people turn to other issues.

Rule 8: Keep the pressure on. Use different tactics and actions and use all events of the period for your purpose. “The major premise for tactics is the development of operations that will maintain a constant pressure upon the opposition. It is this that will cause the opposition to react to your advantage.”

Rule 9: The threat is more terrifying than the thing itself. When Alinsky leaked word that large numbers of poor people were going to tie up the washrooms of O’Hare Airport, Chicago city authorities quickly agreed to act on a longstanding commitment to a ghetto organization. They imagined the mayhem as thousands of passengers poured off airplanes to discover every washroom occupied. Then they imagined the international embarrassment and the damage to the city’s reputation.

Rule 10: The price of a successful attack is a constructive alternative. Avoid being trapped by an opponent or an interviewer who says, “Okay, what would you do?”

Rule 11: Pick the target, freeze it, personalize it, polarize it. Don’t try to attack abstract corporations or bureaucracies. Identify a responsible individual. Ignore attempts to shift or spread the blame.

According to Alinsky, the main job of the organizer is to bait an opponent into reacting. “The enemy properly goaded and guided in his reaction will be your major strength.”
http://vcn.bc.ca/citizens-handbook/rules.html

Fannie Mae

“…The Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, is a stockholder-owned corporation chartered by Congress in 1968 as a government-sponsored enterprise (GSE), but founded in 1938 during the Great Depression. The corporation’s purpose is to purchase and securitize mortgages in order to ensure that funds are consistently available to the institutions that lend money to home buyers.[3]

On September 7, 2008, James Lockhart, director of the Federal Housing Finance Agency (FHFA), announced that Fannie Mae and Freddie Mac were being placed into conservatorship of the FHFA. The action is “one of the most sweeping government interventions in private financial markets in decades”.[4][5][6] As of 2008[update], Fannie Mae and the Federal Home Loan Mortgage Corporation (Freddie Mac) owned or guaranteed about half of the U.S.’s $12 trillion mortgage market.[7]

 …”

“…History

From 1938 to 1968, the Federal National Mortgage Association (Fannie Mae) was the sole institution that bought mortgages from depository institutions, principally savings and loan associations, which encouraged more mortgage lending and effectively insured the value of mortgages by the US government. In 1968, Fannie Mae split into a private corporation and a publicly financed institution. The private corporation was still called Fannie Mae and its charter continued to support the purchase of mortgages from savings and loan associations and other depository institutions, but without an explicit insurance policy that guaranteed the value of the mortgages. The publicly financed institution was named the Government National Mortgage Association (Ginnie Mae) and it explicitly guaranteed the repayments of securities backed by mortgages made to government employees or veterans (the mortgages themselves were also guaranteed by other government organizations). To provide competition for the newly private Fannie Mae and to further increase the availability of funds to finance mortgages and home ownership, Congress then established the Federal Home Loan Mortgage Corporation (Freddie Mac) as a private corporation through the Emergency Home Finance Act of 1970. The charter of Freddie Mac was essentially the same as Fannie Mae’s newly private charter: to expand the secondary market for mortgages and mortgage backed securities by buying mortgages made by savings and loan associations and other depository institutions.

The Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) of 1991 revised and standardized the regulation of both Fannie Mae and Freddie Mac. Prior to this act, Freddie Mac was owned by the Federal Home Loan Bank System and governed by the Federal Home Loan Bank Board, which was reorganized into the Office of Thrift Supervision by the Act. The Act severed Freddie Mac’s ties to the Federal Home Loan Bank System, created an 18-member board of directors, and subjected it to HUD oversight.

In 1995, Freddie Mac began receiving affordable housing credit for buying subprime securities, and by 2004, HUD suggested the company was lagging behind and should “do more.” [9]

…”

Freddie Mac was put under a conservatorship of the U.S. Federal government on Sunday, September 7, 2008.

“….On September 7, 2008, Federal Housing Finance Agency (FHFA) Director James B. Lockhart III announced pursuant to the financial analysis, assessments and statutory authority of the FHFA, he had placed Fannie Mae and Freddie Mac under the conservatorship of the FHFA. FHFA has stated that there are no plans to liquidate the company.[4][5] The announcement followed reports two days earlier that the Federal government was planning to take over Fannie Mae and Freddie Mac and had met with their CEOs on short notice.[32][33][34] Under plan announced September 7, 2008, the federal government, via the Federal Housing Finance Agency, placed the two firms into conservatorship, dismissed the firms’ chief executive officers and boards of directors, and caused the issuance to the Treasury new senior preferred stock and common stock warrants amounting to 79.9% of each GSE. The value of the common stock and preferred stock to pre-conservatorship holders was greatly diminished by the suspension of future dividends on previously outstanding stock, in the effort to maintain the value of company debt and of mortgage-backed securities.[4][5][6][32] [33][34][35] The authority of the U.S. Treasury to advance funds for the purpose of stabilizing Fannie Mae, or Freddie Mac is limited only by the amount of debt that the entire federal government is permitted by law to commit to. The July 30, 2008 law enabling expanded regulatory authority over Fannie Mae and Freddie Mac increased the national debt ceiling US$ 800 billion, to a total of US$ 10.7 Trillion in anticipation of the potential need for the Treasury to have the flexibility to support the federal home loan banks.[36][37][38]

….”

http://en.wikipedia.org/wiki/Federal_National_Mortgage_Association

Freddie Mac

“…The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac (NYSE: FRE), is a government sponsored enterprise (GSE) of the United States federal government. Freddie Mac has its headquarters in the Tyson’s Corner CDP in unincorporated Fairfax County, Virginia.[1][2]

The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as a mortgage-backed security to investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name, “Freddie Mac”, was an acronym of the company’s full name that had been adopted officially for ease of identification (see “GSEs” below for other examples).

On September 7, 2008, Federal Housing Finance Agency (FHFA) director James B. Lockhart III announced he had put Fannie Mae and Freddie Mac under the conservatorship of the FHFA (see Federal takeover of Fannie Mae and Freddie Mac). The action has been described as “one of the most sweeping government interventions in private financial markets in decades”.[3][4][5]

Moody’s gave Freddie Mac’s preferred stock an investment grade rating of A1 until August 22, 2008 when Warren Buffett said publicly that both Freddie Mac and Fannie Mae had tried to attract him and others. Moody’s changed the credit rating on that day to Baa3, the lowest investment grade credit rating. Freddie’s senior debt credit rating remains Aaa/AAA from each of the major ratings agencies Moody’s, S&P, and Fitch.[6]

As of the start of the conservatorship, the United States Department of the Treasury had contracted to acquire US$1 billion in Freddie Mac senior preferred stock, paying at a rate of 10 percent a year, and the total investment may subsequently rise to as much as US$ 100 billion.[7]

Home loan interest rates may go down as a result and owners of Freddie Mac debt and the Asian central banks who had increased their holdings in these bonds may be protected. Shares of Freddie Mac stock, however, plummeted to about one U.S. dollar on September 8, 2008. The yield on U.S Treasury securities rose in anticipation of increased U.S. federal debt.[8]

…”

http://en.wikipedia.org/wiki/Federal_Home_Loan_Mortgage_Corporation

Government-Sponsored Enterprises (GSEs)

“…The government-sponsored enterprises (GSEs) are a group of financial services corporations created by the United States Congress. Their function is to enhance the flow of credit to targeted sectors of the economy and to make those segments of the capital market more efficient and transparent. The desired effect of the GSEs is to enhance the availability and reduce the cost of credit to the targeted borrowing sectors: agriculture, home finance and education. Congress created the first GSE in 1916 with the creation of the Farm Credit System; it initiated GSEs in the home finance segment of the economy with the creation of the Federal Home Loan Banks in 1932; and it targeted education when it chartered Sallie Mae in 1972 (although Congress allowed Sallie Mae to relinquish its government sponsorship and become a fully private institution via legislation in 1995). The residential mortgage borrowing segment is by far the largest of the borrowing segments in which the GSEs operate. GSEs hold or pool approximately $5 trillion worth of mortgages. [1][2][3].

Congress established GSEs to improve the efficiency of capital markets and to overcome market imperfections which prevent funds from moving easily from suppliers of funds to areas of high loan demand. Presently, GSEs primarily act as financial intermediaries to assist lenders and borrowers in housing and agriculture.

In addition, the GSEs created a secondary market in loans through guarantees, bonding and securitization. This has allowed primary market debt issuers to increase loan volume and decrease the risks associated with individual loans. This also provides standardized instruments (securitized securities) for investors.

Ownership and implicit guarantee

Some of the GSEs (such as Fannie Mae and Freddie Mac until 2008) have been privately owned but publicly chartered; others, such as the Federal Home Loan Banks, are owned by the corporations that use their services. GSE securities carry no explicit government guarantee of creditworthiness,[4] but lenders grant them favorable interest rates, and the buyers of their securities offer them high prices. This is partly due to an “implicit guarantee” that the government would not allow such important institutions to fail or default on debt.[5] This perception has allowed Fannie Mae and Freddie Mac to save an estimated $2 billion per year in borrowing costs.[6] This implicit guarantee was tested by the subprime mortgage crisis, which forced the U.S. government to bail out and put into conservatorship Fannie Mae and Freddic Mac in September, 2008. …”

http://en.wikipedia.org/wiki/Government-sponsored_enterprise

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Posted on January 14, 2010. Filed under: Babies, Blogroll, Books, Climate, Communications, Cult, Culture, Demographics, Economics, Education, Employment, Energy, Entertainment, Fiscal Policy, Foreign Policy, government spending, Health Care, Immigration, Investments, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Quotations, Raves, Religion, Talk Radio, Technology, Video, Wisdom | Tags: , , , , , , |

 

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